Dear GURU,
Service Tax Receivable & Payable The Client wants to have a Service Tax Control Account that would be automatically populated for the particular bill / Invoice on the day of Vendor Payment and Customer Receipt.
a. Example
While Billing Entry - 31.01.2008 (SD)
Customer A/c 20000
To Service Tax Payable 500
To Rental Income A/c 19500
(Or)
Service Income
(Provision Entry only)
31.01.2008(MM)
Security Charges 4750
Service Tax Receivable 250
To Vendor A/c 4950
To TDs Payable A/c 50
(Provision Entry Only)
On Incoming Payments from Customers (05.03.2008) (FI)
Bank A/c 19500
TDs Receivable 500
To Customer A/c 20000
(Required Automatically (or) Control) 05.03.2008
Service Tax Payable 500
To Service Tax Control A/c 500
On Outgoing Payments to Vendors (10.02.2008) (FI)
Vendor A/C 4950
To Bank A/c 4950
(Required Automatically (or) Control) 10.02.2008
Service Tax control A/C 250
To Service Tax Receivable 250
Please Note: The entries in Red Font are required to be passed automatically
pls suggest